Clarity on a refuted claim
Brevity can sometimes also be the soul of a twit. In a recent article on a complaint dismissed by the FAIS Ombud, we wrote: This case concerned a claim that was declined as […]
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
Honesty and Integrity
A recent finding by the Board of Appeal in the Teixeira case clarified certain matters around the very broad definition of this important fit and proper consideration. Briefly: the adviser was debarred by […]
Revenue growth and pending reforms
In December 2015, an Australian company, Centurion Market Makers, ran an industry survey on the impact of existing and pending reforms as well as projections for revenues and growth in 2016. In many […]
2016 Levies
It is that time of the year again. Below is a summary of what you can expect to pay, courtesy of my colleague Grethe van Heerden, as well as a link to our […]
Amended 2016 Compliance Reports
Please note that the Cat II, IIA and III reports (Published during May 2016) have been amended. “Note that FAIS Notice 51 of 2016 has been repealed and replaced with FAIS Notice 84 of 2016 and FAIS Notice 52 of 2016 has been repealed and replaced with […]
Debarment overturned by Board of Appeal
The Board was recently tasked with reviewing a decision by the Registrar to debar Ms LA Teixeira for 5 years and to withdraw the authorisation of her business. The grounds for the Registrar’s […]
Defencex Investor Update
A reader enquired as follows last week: Have you heard anything about the Defencex claim’s second phase? The input area for this claim is inactive. In response, I contacted Hanna Ziady at Moneyweb […]
To debar, or not to debar?
To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who […]
FAIS Ombud – Harten Determination
This complaint was originally dismissed by the FAIS Ombud on the basis that there was no reasonable prospect of success. The client reverted to the Board of Appeal who ruled that the Ombud’s […]
Malfunctioning Sports Stars
Finally the penny dropped – the senior Proteas are so exhausted by the time they get around to playing for their country that they cannot perform. Or, should I say, someone finally had […]
FAIS Credits and Qualifications
The competency requirements under FAIS are often misunderstood, leading to many people stressing unnecessarily. Prior to 2010, transitional arrangements were in place which allowed for “FAIS Credits” to be obtained which would exempt […]
Client’s right to approach Appeal Board
A recent ruling by the FAIS Ombud sheds light on the right of a client to approach the FSB Appeal Board if dissatisfied with a decision by the Ombud. In the Harten determination, […]
Registrar issues warning
FAIS Circular 20 contains a reminder to FSPs regarding what changes in the FSP need to be conveyed to the Registrar within 15 days. Section 8(10)(a)(ii) of the FAIS Act states: “Where a […]
Qualification deadline at hand
People appointed before 2010 had various options regarding prescribed qualifications, including obtaining a certain minimum number of credits, depending on what categories they were licensed for. My alert colleague, Paull Lawrence, sent us […]
Keeping Customers Satisfied
This has always been an important component of business, even before Simon & Garfunkel turned the phrase into a hit song. A recent article on customer views of short-term insurers, led me to […]
Boks provide rollercoaster ride
My Saturday was one filled with rugby – The All Black v Wales game was a fantastic affair and up to the 53rd minute a Wales win looked possible. But as only the […]
Fraudulent medical aid claims
A recent article on the Health24 website had me reaching for heart pills I do not have. Discovery Health CEO, Dr Jonathan Broomberg, revealed that his company recovered R400 million on behalf of its […]
